Abolish Profits Taxes!

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The article mentions one small way to reduce the corporate tax revenue loss: the lower tax rates that apply to dividends would be eliminated since the corporate profits would no longer be taxed at both the corporate level and the shareholder level. I would suggest another: the favorable rates on capital gains should be eliminated for sale of corporate stock. As the article indicates, stock prices should rise substantially since they are based on future after-tax earnings assumptions.

The owners of businesses that are operated as flow-through entities such as sole proprietorships, partnerships, LLCs or S Corporations should also not be subject to tax on their business earnings if the corporate income tax is eliminated. Taxing businesses operating as flow-throughs while not taxing corporations would create tax-avoidance opportunities.

Once the losses are expected to run out, then the business would incorporate in order to avoid income tax on the profits. Without this tax, corporations may choose to retain their profits, even if there were no business reason to do so, in order to defer the tax to the shareholders on distributions. Abolishing income tax on businesses is a radical idea that could have many positive outcomes.

However it will probably never come about because of the perception that it would mostly benefit the rich. Prior to enactment extensive study would be required to understand the impact on the budget deficit and all of the other implications of eliminating the corporate income tax.

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Even so, it will be difficult to foresee all of the unintended consequences. The risks to our economy and our country are too great to abolish the corporate income tax at this time. While corporations write the checks for the corporate income tax, corporations are legal fictions.

India can now become more globally competitive, inducing more investment and boosting exports.

Most of the arguments in favor of eliminating the income tax on corporations would apply to all forms of business ownership. Businesses in the start-up phase would operate as flow-through entities so their losses could be passed through to the owners and used to offset other income. Absent this tax, people would put all of their assets in corporations that they would own and they would not have to pay tax on the earnings until they were distributed as dividends.

Bernie has spent 40 years working with high-net worth individuals and families on tax Who pays the corporate income tax?

Should we abolish the corporate income tax and raise taxes on shareholders?

Also, other countries are heavily dependent on personal income tax to meet their budgets. However, this is not the same in India. As mentioned above, the amount of money received from this whole charade is very less. The Indian government has a large bureaucracy which enforces these tax laws.

Everyone is supposed to file a tax return.

Jesse Ventura Says He Would Abolish U.S. Income Tax

The paperwork takes up a lot of time and resources. Also, since the rate of compliance is so less, the government has employed many people to zero down on non-compliance and conduct raids. Corruption and bribery have ensured that the Indian state has not been able to substantially increase its tax income even after employing these tax hit men. Hence, if the personal tax is abolished, the government would not need to employ a large number of people doing paperwork. Once again, this is what makes abolishing income tax a plausible idea in an economy which has the scale of India.

Cutting down on income taxes will end up putting a lot of money in the hands of the people.

These people will then spend this money on everything from electronics to real estate. As a result, the GDP of the nation will increase by leaps and bounds. India needs to increase the indirect taxes marginally. This would help the government raise more revenue when the economic turnover increases and the economy grows in size.

Top 10 Reasons to Abolish the Corporate Income Tax

The shortfall from personal income taxes will be compensated by an increase in the tax base and a marginal increase in the tax rate of indirect taxes. At the present moment, the Indian government offers a lot of subsidies to the lower middle-class population. These subsidies include subsidy on cooking gas, electricity etc. Farmers also get frequent loan waivers and fertilizer subsidies.

Abolish Corporate Income Tax?

The government, therefore, spends more than it earns in personal income tax revenue on subsidies. The solution to this problem is that the subsidies should also be cut down. Cutting down on subsidies without cutting down on income tax would be politically unpopular. If the subsidies are also cut down along with income tax, the government may end up saving some revenue instead of losing revenue.

startupkurzus.hu/profiles/winter/cine-alcala-magna.php India is also suffering from asset price inflation. The prices of housing and other assets like gold have gone through the roof.

This is because people try to evade income tax by investing the money in other assets. Since gold and real estate are these assets, their prices are heavily inflated, and the common man is not able to afford them. Abolishing the income tax will, therefore, have several benefits for the government as well as the common man. It would be financially imprudent to take such a step. View All Articles.

Abolish Profits Taxes! Abolish Profits Taxes!
Abolish Profits Taxes! Abolish Profits Taxes!
Abolish Profits Taxes! Abolish Profits Taxes!
Abolish Profits Taxes! Abolish Profits Taxes!
Abolish Profits Taxes! Abolish Profits Taxes!
Abolish Profits Taxes! Abolish Profits Taxes!
Abolish Profits Taxes! Abolish Profits Taxes!

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